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National Post
24 minutes ago
- National Post
Docebo Reports Second Quarter 2025 Results
Article content TORONTO — Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (' Docebo ' or the ' Company '), a leading learning platform provider with a foundation in artificial intelligence (AI) and innovation, announced financial results for the three and six months ended June 30, 2025. All amounts are expressed in US dollars unless otherwise stated. Article content Article content 'Docebo delivered a solid quarter, outperforming our guidance on both revenue and profitability while maintaining disciplined execution in a still-uncertain macro environment,' said Alessio Artuffo, President & CEO of Docebo. 'We continue to invest with focus—advancing our AI-first strategy, strengthening our leadership team with the appointment of Mark Kosglow as Chief Revenue Officer, and achieving FedRAMP Moderate Authorization to expand our public sector reach. These milestones position us well to support our customers' evolving needs and to drive durable, long-term growth.' Second Quarter 2025 Financial Highlights Article content Subscription revenue of $57.1 million, an increase of 15% from the comparative period in the prior year, represented 94% of total revenue. Subscription revenue increased by 13% after adjusting for the positive impact of approximately 2 percentage points resulting from the weakening of the U.S. dollar relative to foreign currencies. Total revenue of $60.7 million, an increase of 14% from the comparative period in the prior year. Total revenue increased by 13% after adjusting for the positive impact of approximately 1 percentage point given the weakening of the U.S. dollar relative to foreign currencies. Gross profit of $49.1 million, an increase of 15% from the comparative period in the prior year, represented 80.9% of revenue compared to 80.7% of revenue for the comparative period in the prior year. Net income of $3.1 million, or $0.10 per share, compared to net income of $4.7 million, or $0.15 per share for the comparative period in the prior year. Adjusted Net Income 1 of $8.9 million, or Adjusted Earnings per share of $0.30, compared to Adjusted Net Income of $7.9 million, or Adjusted Earnings per share of $0.26 for the comparative period in the prior year. As at June 30, 2025, ARR was $233.1 million, an increase of $27.2 million from $205.9 million as at the end of the second quarter of 2024. Adjusted EBITDA 1 of $9.2 million, representing 15.2% of total revenue, compared to $8.0 million, representing 15.0% of total revenue, for the comparative period in the prior year. Cash flow from operating activities of $6.2 million, compared to $6.8 million for the comparative period in the prior year. Free Cash Flow 1 of $11.4 million, representing 18.7% of total revenue for the three months ended June 30, 2025, compared to $8.4 million, representing 15.9% of total revenue, for the comparative period in the prior year. Article content Second Quarter 2025 Customer Updates Article content Notable new customer wins include a large cross-sell within a Big 5 US-based global technology leader replacing an internally developed system to support a Customer and Engineer training use case. Founded in 1904, Big Brothers Big Sisters of America (BBBS) is the nation's oldest and largest one-to-one youth mentoring organization, supporting 400,000 volunteers and youth across 300+ U.S. affiliate offices. In replacing its legacy LMS, BBBS chose Docebo for its configurability and ability to support complex audience segmentation. The upgrade focused on delivering a better user experience, tech stack integration, and stronger analytics to measure onboarding effectiveness. A global leader in education solutions—supporting millions of learners and educators across K–12, higher education, and professional development in more than 80 languages—selected Docebo to replace its legacy LMS and bring greater flexibility to its learning strategy. Key factors in the decision included Docebo's real-time analytics, ease of integration across a complex tech stack, and ability to support a range of Employee and Customer Experience use cases, including Sales Enablement, Customer Support, Onboarding, Professional Development, and Leadership Training. A North American based leading men's fashion retailer selected Docebo to power its Sales Enablement programs across its retail network. With products manufactured in more than a dozen countries and sold through several distinct retail chains, they chose Docebo for our ability to deliver scalable, customized learning experiences tailored to each brand. Docebo's Government Sales team secured two new state-level wins for Employee Experience use cases, in partnership with our systems integrator partners in Connecticut and Utah, and an upsell with an existing department in Kentucky. At the end of May, Docebo was named one of Newsweek's 2025 Top 100 Global Most Loved Workplaces®—a recognition earned through the commitment and values of our global team. This distinction reflects a culture rooted in collaboration, continuous growth, and shared purpose—key drivers of our ability to innovate, serve our customers, and execute with agility. Article content 1 Please refer to 'Non-IFRS Measures and Reconciliation of Non-IFRS Measures' section of this press release. Article content Financial Outlook Article content Docebo is providing financial guidance for the three months ended September 30, 2025 as follows: Article content Management expects subscription revenue to be in line with total revenue growth. Article content Docebo is revising financial guidance for the fiscal year ended December 31, 2025 as follows: Article content Subscription revenue growth of 10.75% to 11.75% Total revenue growth between 10.0% to 11.0% Adjusted EBITDA as a percentage of total revenue of between 17.0% to 18.0% Article content The information in this section is forward-looking. Please see the sections entitled 'Non-IFRS Measures and Reconciliation of Non-IFRS Measures' and 'Key Performance Indicators' in this press release for how we define 'Adjusted EBITDA' and the section entitled 'Forward-Looking Information.' A reconciliation of forward-looking 'Adjusted EBITDA' to the most directly comparable IFRS measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Docebo believes that this type of guidance provides useful insight into the anticipated performance of its business. Article content Three months ended June 30, Six months ended June 30, 2025 2024 Change Change 2025 2024 Change Change $ $ $ % $ $ $ % Adjusted EBITDA (in thousands of US dollars) 9,225 7,954 1,271 16.0 % 18,146 15,421 2,725 17.7 % Adjusted Net Income (in thousands of US dollars) 8,914 7,929 985 12.4 % 17,409 15,203 2,206 14.5 % Adjusted Earnings per Share – Basic 0.30 0.26 0.04 15.4 % 0.58 0.50 0.08 16.0 % Adjusted Earnings per Share – Diluted 0.29 0.26 0.03 11.5 % 0.57 0.49 0.08 16.3 % Working Capital (in thousands of US dollars) (5,105 ) 8,518 (13,623 ) (159.9 )% (5,105 ) 8,518 (13,623 ) (159.9 )% Free Cash Flow (in thousands of US dollars) 11,379 8,446 2,933 34.7 % 20,373 17,644 2,729 15.5 % Article content Conference Call Article content Management will host a conference call on Friday, August 8, 2025 at 8:00 am ET to discuss these second quarter results. To access the conference call, please dial +1-646-960-0169 or +1-888-440-6849 or access the webcast at The Company will post Prepared Management Remarks (in .pdf format) regarding its Q2 2025 results, which will be the subject of this call, on the Investor Relations section of Docebo's website at Article content The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025 and Management's Discussion & Analysis for the same period have been filed on SEDAR+ at and on EDGAR at Alternatively, these documents along with a presentation in connection with the conference call can be accessed online at An archived recording of the conference call will be available until August 15, 2025 and for 90 days on our website. To listen to the recording, please visit the webcast link which can be found on Docebo's investor relations website at or call +1-609-800-9909 or +1-800-770-2030 and enter passcode 8722408#. Article content Forward-Looking Information Article content This press release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Article content In some cases, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects', 'is expected', 'an opportunity exists', 'budget', 'scheduled', 'estimates', 'outlook', 'forecasts', 'projection', 'prospects', 'strategy', 'intends', 'anticipates', 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or, 'will', 'occur' or 'be achieved', and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Article content This forward-looking information in this press release includes, but is not limited to, statements regarding the Company's business; the guidance for the three months ended September 30, 2025 in respect of total revenue, Adjusted EBITDA as a percentage of total revenue and subscription revenue and fiscal year ended December 31, 2025 in respect of total revenue growth, and Adjusted EBITDA as a percentage of total revenue discussed under 'Financial Outlook' in this press release; the impact of AI on our business; future financial position and business strategy; the learning management industry; our growth rates and growth strategies; addressable markets for our solutions; the achievement of advances in and expansion of our platform; expectations regarding our revenue and the revenue generation potential of our platform and other products; our business plans and strategies; expectations regarding continued AWS' use of Docebo products and services after December 31, 2025; and our competitive position in our industry. This forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions include: our ability to build our market share and enter new markets and industry verticals; our ability to attract and retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion plans; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; our ability to execute on profitability initiatives; AWS' ability to transition from our platform; currency exchange and interest rates; the impact of inflation and global macroeconomic conditions; the impact of competition; our ability to respond to the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors made in preparing forward-looking information and management's expectations. Article content Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: Article content the Company's ability to execute its growth strategies; the impact of changing conditions in the global corporate e-learning market; increasing competition in the global corporate e-learning market in which the Company operates; fluctuations in currency exchange rates and volatility in financial markets; changes in the attitudes, financial condition and demand of our target market; the Company's ability to operate its business and effectively manage its growth under evolving macroeconomic conditions, such as high inflation and recessionary environments; developments and changes in applicable laws and regulations; fluctuations in the length and complexity of the sales cycle for our platform, especially for sales to larger enterprises; issues in the use of AI in our platform and potential resulting reputational harm or liability; and such other factors discussed in greater detail under the 'Risk Factors' section of our Annual Information Form dated February 27, 2025 ('AIF'), which is available under our profile on SEDAR+ at Our guidance for the three months ended September 30, 2025 in respect of total revenue, Adjusted EBITDA as a percentage of total revenue and subscription revenue and for the fiscal year ended December 31, 2025 in respect of total revenue, and Adjusted EBITDA as a percentage of total revenue, is in each case subject to certain assumptions and associated risks as stated above under this 'Forward-Looking Information,' section and in particular the following: Article content currency assumptions, in particular that the US dollar will remain strong against other major currencies; there will be continued macro-economic headwinds that will specifically affect our small and medium sized business and lower mid-market customers; there will be a seven-figure negative impact on our Annual Recurring Revenue base resulting from a large enterprise customer terminating its agreement with us following its acquisition of an organization that has an in-house LMS; our ability to win business from new customers and expand business from existing customers; the timing of new customer wins and expansion decisions by our existing customers; maintaining our customer retention levels, and specifically, that customers will renew contractual commitments on a periodic basis as those commitments come up for renewal, at rates not materially inconsistent with our historical experience; and with respect to Adjusted EBITDA as a percentage of revenue, our ability to contain expense levels while expanding our business. Article content If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in the 'Summary of Factors Affecting our Performance' section of our MD&A for the three and six months ended June 30, 2025 and in the 'Risk Factors' section of our AIF, should be considered carefully by prospective investors. Article content Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Article content All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements. Article content Additional information relating to Docebo, including our AIF, can be found on SEDAR+ at Article content Docebo is redefining the way enterprises leverage technology to create and manage content, deliver training, and measure the business impact of their learning programs. With Docebo's end-to-end learning platform, organizations worldwide are equipped to deliver scaled, personalized learning across all their audiences and use cases, driving growth and powering their business. Article content Three months ended June 30, Six months ended June 30, (In thousands of US dollars, except per share data) 2025 2024 2025 2024 $ $ $ $ Revenue 60,732 53,054 118,028 104,457 Cost of revenue 11,584 10,257 22,979 20,183 Gross profit 49,148 42,797 95,049 84,274 Operating expenses General and administrative 8,394 8,176 17,119 16,331 Sales and marketing 20,393 16,895 40,748 33,328 Research and development 12,699 10,766 26,102 21,178 Share-based compensation 1,733 1,923 2,522 3,855 Foreign exchange loss (gain) 942 (310 ) 1,065 (810 ) Depreciation and amortization 847 824 1,645 1,642 45,008 38,274 89,201 75,524 Operating income 4,140 4,523 5,848 8,750 Finance income, net (542 ) (671 ) (1,190 ) (1,216 ) Other (income) loss (1 ) (14 ) (2 ) (15 ) Income before income taxes 4,683 5,208 7,040 9,981 Income tax expense 1,607 510 2,490 114 Net income 3,076 4,698 4,550 9,867 Other comprehensive (income) loss Item that may be reclassified subsequently to income: Exchange (gain) loss on translation of foreign operations (1,171 ) 447 (1,163 ) 1,344 Comprehensive income 4,247 4,251 5,713 8,523 Earnings per share – basic 0.10 0.15 0.15 0.33 Earnings per share – diluted 0.10 0.15 0.15 0.32 Weighted average number of common shares outstanding – basic 29,559,316 30,350,110 29,909,311 30,334,858 Weighted average number of common shares outstanding – diluted 30,227,581 31,059,307 30,559,452 31,051,667 Article content Key Statement of Financial Position Information Article content Non-IFRS Measures and Reconciliation of Non-IFRS Measures Article content This press release makes reference to certain non-IFRS measures including key performance indicators used by management and typically used by our competitors in the software-as-a-service ('SaaS') industry. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with alternative measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the SaaS industry. Management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. The non-IFRS measures referred to in this press release include 'Annual Recurring Revenue', 'Average Contract Value', 'Adjusted EBITDA', 'Adjusted Net Income', 'Adjusted Earnings per Share – Basic and Diluted', 'Working Capital' and 'Free Cash Flow'. Article content Key Performance Indicators Article content We recognize subscription revenues ratably over the term of the subscription period under the provisions of our agreements with customers. The terms of our agreements, combined with high customer retention rates, provides us with a significant degree of visibility into our near-term revenues. Management uses a number of metrics, including the ones identified below, to measure the Company's performance and customer trends, which are used to prepare financial plans and shape future strategy. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. Article content Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all existing contracts (including Original Equipment Manufacturer contracts) as at the date being measured, excluding non-recurring revenues from implementation, support and maintenance fees. Our customers generally enter into annual or multi-year contracts which are non-cancellable or cancellable with penalty. Accordingly, our calculation of Annual Recurring Revenue assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal. Subscription agreements may be subject to price increases upon renewal reflecting both inflationary increases and the additional value provided by our solutions. In addition to the expected increase in subscription revenue from price increases over time, existing customers may subscribe for additional features, learners or services during the term. We believe that this measure provides a fair real-time measure of performance in a subscription-based environment. Annual Recurring Revenue provides us with visibility for consistent and predictable growth to our cash flows. Our strong total revenue growth coupled with increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business and will continue to be our focus on a go-forward basis. Average Contract Value: Average Contract Value is calculated as total Annual Recurring Revenue divided by the number of active customers. Article content Annual Recurring Revenue and Average Contract Value as at June 30, 2025 and 2024 were as follows: Article content Adjusted EBITDA Article content Adjusted EBITDA is defined as net income excluding net finance income, depreciation and amortization, income taxes, share-based compensation and related payroll taxes, other income, foreign exchange gains and losses, acquisition related compensation, transaction related expenses and restructuring costs, if any. Article content The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net income. Article content Three months ended June 30, Six months ended June 30, (In thousands of US dollars) 2025 2024 2025 2024 $ $ $ $ Net income 3,076 4,698 4,550 9,867 Finance income, net (1) (542 ) (671 ) (1,190 ) (1,216 ) Depreciation and amortization (2) 847 824 1,645 1,642 Income tax expense 1,607 510 2,490 114 Share-based compensation (3) 1,733 1,923 2,522 3,855 Other income (4) (1 ) (14 ) (2 ) (15 ) Foreign exchange loss (gain) (5) 942 (310 ) 1,065 (810 ) Acquisition related compensation (6) 1,002 994 2,059 1,984 Transaction related expenses (7) 93 — 464 — Restructuring (8) 468 — 4,543 — Adjusted EBITDA 9,225 7,954 18,146 15,421 Adjusted EBITDA as a percentage of total revenue 15.2 % 15.0 % 15.4 % 14.8 % Article content (1) Finance income, net, is primarily related to interest income earned on cash and cash equivalents as the funds are invested in highly liquid short-term interest-bearing marketable securities which is offset by interest expenses incurred on lease obligations, and contingent consideration as well as bank fees and other expenses. (2) Depreciation and amortization expense is primarily related to depreciation expense on right-of-use assets ('ROU assets'), property and equipment and acquired intangible assets. (3) These expenses represent non-cash expenditures recognized in connection with the issuance of share-based compensation to our employees and directors and cash payroll taxes paid on gains earned by option holders when stock options are exercised. (4) Other income, net is primarily comprised of rental income from subleasing office space. (5) These non-cash gains and losses relate to foreign exchange translation. (6) These costs represent the earn-out portion of the consideration paid to the vendors of previously acquired businesses that is associated with the achievement of certain acquisition related performance and other obligations. (7) These expenses relate to professional, legal, consulting, accounting and other fees related to acquisition activities that would otherwise have not been incurred and are not considered an expense indicative of continuing operations. (8) There was a reduction in workforce during the first half of 2025 that resulted in severance payments to employees. Article content Adjusted Net Income and Adjusted Earnings per Share – Basic and Diluted Article content Adjusted Net Income is defined as net income excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition related compensation, transaction related expenses, restructuring costs, foreign exchange gains and losses, and income taxes. Article content Adjusted Earnings per share – basic and diluted is defined as Adjusted Net Income divided by the weighted average number of common shares (basic and diluted). Article content Three months ended June 30, Six months ended June 30, (In thousands of US dollars) 2025 2024 2025 2024 $ $ $ $ Net income for the period 3,076 4,698 4,550 9,867 Amortization of intangible assets 178 172 349 345 Share-based compensation 1,733 1,923 2,522 3,855 Acquisition related compensation 1,002 994 2,059 1,984 Transaction related expenses 93 — 464 — Restructuring 468 — 4,543 — Foreign exchange loss (gain) 942 (310 ) 1,065 (810 ) Deferred income tax expense (recovery) 1,422 452 1,857 (38 ) Adjusted net income 8,914 7,929 17,409 15,203 Weighted average number of common shares – basic 29,559,316 30,350,110 29,909,311 30,334,858 Weighted average number of common shares – diluted 30,227,581 31,059,307 30,559,452 31,051,667 Adjusted earnings per share – basic 0.30 0.26 0.58 0.50 Adjusted earnings per share – diluted 0.29 0.26 0.57 0.49 Article content Working Capital Article content Working Capital as at June 30, 2025 and 2024 was $(5.1) million and $8.5 million, respectively. Working Capital is defined as current assets, excluding the current portion of the net investment in finance lease and contract costs, minus current liabilities, excluding borrowings, if any, and the current portion of contingent consideration and lease obligations. The decrease in working capital from June 30, 2024 to June 30, 2025 is driven by the use of cash and cash equivalents to purchase shares under the NCIB, as well as the recognition of the ASPP liability. Working Capital is not a recognized measure under IFRS. Article content The following table represents the Company's working capital position as at June 30, 2025 and 2024: Article content Free Cash Flow Article content Free Cash Flow is defined as cash flows from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, plus non-recurring expenditures such as the payment of acquisition-related compensation, the payment of transaction-related costs, and the payment of restructuring costs. Free Cash Flow is not a recognized measure under IFRS. The IFRS measure most directly comparable to Free Cash Flow presented in our financial statements is cash flow from operating activities. Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Article content Article content Mike McCarthy Article content Article content Article content Article content
CTV News
24 minutes ago
- CTV News
StatCan to publish July jobs figures, giving first look at the economy in Q3
A worker sorts lumber at the Gorman Brothers Lumber sawmill, in West Kelowna, B.C., on Tuesday, August 5, 2025. THE CANADIAN PRESS/Darryl Dyck OTTAWA — Statistics Canada is set to publish new jobs data for July this morning. A Reuters poll of economists expect the economy added 13,500 jobs last month but that the unemployment rate ticked back up to seven per cent. June's jobs report showed an unexpected gain of 83,000 positions. So far, tariff-sensitive sectors such as manufacturing have largely shed jobs while employers in some other industries continue to expand their payrolls. The new employment figures will mark the first major data release for July, which BMO Capital Markets says will give forecasters insight into whether hints of economic momentum in June held up to start the third quarter. The Bank of Canada will be watching the jobs figures carefully after the central bank held its benchmark interest rate steady at 2.75 per cent last week for a third consecutive decision. This report by The Canadian Press was first published Aug. 8, 2025. Craig Lord, The Canadian Press
National Post
24 minutes ago
- National Post
Emera Reports 2025 Second Quarter Financial Results
Article content HALIFAX, Nova Scotia — Today Emera Inc. ('Emera') (TSX/NYSE: EMA) reported financial results for the second quarter and year-to-date 2025. Article content Article content Emera delivers 49% quarterly adjusted earnings per share 1 ('EPS') growth with second quarter adjusted EPS 1 of $0.79 and reported EPS of $0.45. In the first half of 2025, teams across Emera successfully deployed more than $1.7 billion in customer-focused capital and are on track to invest more than $3.4 billion this year. Remain committed to our 5% to 7% annual average adjusted EPS 1 growth guidance through 2027 and 7% to 8% forecasted rate base growth through 2029. Article content 'The second quarter of 2025 marks our fourth consecutive quarter of meaningful earnings increases, which can be attributed in large part to strong growth and favourable weather in Florida,' says Scott Balfour, President and CEO of Emera Inc. 'We continue to make essential investments across our operating companies to enhance reliability, storm harden our infrastructure and support economic and customer growth in the communities we serve. The continued need for this type of capital investment remains the fundamental driver of our 7% to 8% rate base growth expectations.' Article content Q2 2025 Financial Results Article content Q2 2025 adjusted net income 1 was $236 million, or $0.79 per common share, compared with $151 million, or $0.53 per common share, in Q2 2024. The increase was primarily due to increased earnings at Tampa Electric ('TEC'), Emera Energy Services ('EES'), and New Mexico Gas Company ('NMGC'); and lower corporate costs. These were partially offset by lower earnings at Nova Scotia Power ('NSPI') and decreased earnings due to the sale of Emera's equity interest in the Labrador Island Link ('LIL') in Q2 2024. Article content Q2 2025 reported net income was $135 million, or $0.45 per common share, compared with net income of $129 million, or $0.45 per common share, in Q2 2024. Primarily driven by decreased MTM loss, after-tax, and higher earnings at TEC, partially offset by the $107 million gain, after tax and transaction costs, on the sale of Emera's equity interest in LIL in Q2 2024 and the $72 million in charges after-tax, primarily impairment, related to the pending sale of NMGC recognized in Q2 2025. Article content Year-to-date Financial Results Article content Year-to-date adjusted net income 1 was $615 million or $2.07 per common share, compared with $367 million or $1.28 per common share year-to-date in 2024. Year-to-date adjusted net income 1 increased $248 million primarily due to increased earnings at TEC, NSPI, EES, and NMGC; and lower corporate costs. These were partially offset by decreased earnings due to the sale of Emera's equity interest in LIL in Q2 2024. Article content Year-to-date reported net income was $718 million or $2.41 per common share, compared with net income of $336 million or $1.17 per common share, year-to-date in 2024. Year-to-date reported net income included a $175 million MTM gain, after-tax, compared to a $138 million MTM loss, after-tax in 2024, and $72 million in charges related to the pending sale of NMGC, after-tax. Year-to-date reported income for 2024 included a $107 million gain, after tax and transaction costs, on the sale of Emera's equity interest in LIL in Q2 2024. Article content The translation impact of a weaker CAD on USD earnings increased adjusted net income by $1 million in Q2 2025 and $15 million year-to-date compared to the same periods in 2024 and increased reported net income by $32 million in Q2 2025 and $62 million year-to-date compared to the same periods in 2024. Impacts of the changes in the translation of the CAD include the impacts of Corporate FX hedges used to mitigate translation risk of USD earnings in the Other segment. Article content For the Three months ended June 30 Six months ended June 30 millions of Canadian dollars (except per share amounts) 2025 2024 2025 2024 Adjusted net income 1,2 Florida Electric Utility $ 260 $ 187 424 272 Canadian Electric Utilities 17 42 138 129 Gas Utilities and Infrastructure 48 44 168 142 Other Electric Utilities 12 8 12 17 Other 3 (101) (130) (127) (193) Adjusted net income 1,2 $ 236 $ 151 615 367 Charges related to the pending sale of NMGC, after-tax 4,5 (72) – (72) – Gain on sale of LIL, after-tax 6 – 107 – 107 MTM (loss) gain, after-tax 7 (29) (129) 175 (138) Net income attributable to common shareholders $ 135 $ 129 718 336 EPS (basic) $ 0.45 $ 0.45 2.41 1.17 Adjusted EPS (basic) 1,2 $ 0.79 $ 0.53 2.07 1.28 1 See 'Non-GAAP Financial Measures and Ratios' noted below. 2 Excludes the charges related to the pending sale of NMGC, after-tax, gain on sale of LIL, after-tax, and the effect of after-tax MTM adjustments. 3 Higher earnings primarily due to higher contributions from EES, decreased operating, maintenance and general expenses ('OM&G'), and higher income tax recovery. These are partially offset by increased interest expense. 4 Represents $71 million in non-cash impairment charges, after-tax, and $1 million in transaction costs, after-tax for the three and six months ended June 30, 2025. 5 Net of income tax recovery of $5 million for the three and six months ended June 30, 2025. 6 Net of income tax expense of $75 million for the three and six months ended June 30, 2024. 7 Net of income tax recovery of $13 million for the three months ended June 30, 2025 (2024 – $52 million recovery) and $71 million income tax expense for the six months ended June 30, 2025 (2024 – $56 million recovery). Article content Consolidated Financial Review Article content The following table highlights significant changes in adjusted net income attributable to common shareholders from 2024 to 2025. Article content For the Three months ended Six months ended millions of Canadian dollars June 30 June 30 Adjusted net income – 2024 1,2 $ 151 $ 367 Operating Unit Performance Increased earnings at TEC due to higher revenue from new base rates, favourable weather, and customer growth, partially offset by increased income tax expense and higher depreciation. Year-over-year increase also due to the impact of a weaker CAD 73 152 Increased earnings at EES quarter-over-quarter due to lower transport costs and favourable hedge settlements related to EES' storage positions. Year-over-year increased due to favourable weather and resulting market conditions (higher natural gas prices and increased volatility) 10 34 Increased earnings at NMGC due to higher revenue from new base rates. Year-over-year increase also due to the impact of a weaker CAD 7 26 Decreased income from equity investments due to the sale of LIL in Q2 2024 (11) (28) Decreased earnings quarter-over-quarter at NSPI due to increased OM&G primarily driven by costs related to the cybersecurity incident and higher depreciation, partially offset by increased sales volumes. Increased earnings year-over-year due to investment tax credits ('ITCs') related to clean technology investments and increased sales volumes primarily driven by favourable weather, partially offset by higher depreciation and higher OM&G primarily driven by costs related to the cybersecurity incident (12) 41 Corporate Decreased OM&G primarily due to the timing of the recognition on long term compensation expense and related hedges 6 24 Increased income tax recovery due to decreased deferred income tax asset valuation allowance due to utilization of tax loss carryforwards 6 7 Increased interest expense primarily due to increased total debt, partially offset by lower interest rates (2) (7) Other Variances 8 (1) Adjusted net income – 2025 1,2 $ 236 $ 615 1 See 'Non-GAAP Financial Measures and Ratios' noted below and 'Segment Results and Non-GAAP Reconciliation' for reconciliation to nearest GAAP measure. 2 Excludes the charges related to the pending sale of NMGC, after-tax, gain on sale of LIL, after-tax , and the effect of after-tax MTM adjustments. Article content 1 Non-GAAP Financial Measures and Ratios Article content Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted EPS – basic, refer to the 'Non-GAAP Financial Measures and Ratios' section of Emera's Q2 2025 MD&A which is incorporated herein by reference and can be found on SEDAR+ at Reconciliation to the nearest GAAP measure is included in 'Segment Results and Non-GAAP Reconciliation' above. Article content Forward-Looking Information Article content This news release contains forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively, 'forward-looking information'), including without limitation, statements about the Company's expectations regarding future growth, including expectations about 7% to 8% rate base growth, the nature and timing of future capital investments, results of operations, performance, the expected timing and outcome of the pending sale of NMGC, and business prospects and opportunities. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from those expressed or implied by such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading 'Enterprise Risk and Risk Management' in Emera's annual Management's Discussion and Analysis, and under the heading 'Principal Financial Risks and Uncertainties' in the notes to Emera's annual and interim financial statements, which can be found on SEDAR+ at or on EDGAR at The forward-looking information in this news release is made only as of the date of thereof, and Emera disclaims any intention or obligation to update or revise any forward-looking information. Article content The company will be hosting a teleconference today, Friday, August 8, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q2 2025 financial results. Article content Analysts and other interested parties in North America are invited to participate by dialing 1-800-717-1738. International parties are invited to participate by dialing 1-289-514-5100. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required. Article content A live and archived audio webcast of the teleconference will be available on the Company's website, A replay of the teleconference will be available on the Company's website two hours after the conclusion of the call. Article content About Emera Article content Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in the United States, Canada and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. Additional information can be accessed at on SEDAR+ at and on EDGAR at Article content Article content Article content Article content Contacts Article content Emera Inc. Article content Article content Investor Relations Article content Article content 902-233-2674 Article content Article content Article content
